The Tax Office has released the following guides and publications in relation to the Minerals Resource Rent Tax which commences from 1 July 2012: Minerals Resource Rent Tax – introduction Application to register for mineral resource rent tax Key features, concepts and background to MRRT How MRRT affect you Who MRRT affects How to determine…
The Productivity Commission on Fri 29.6.2012 released a draft report as part of its inquiry into the selection and ongoing assessment of default superannuation funds in modern awards. The Commission’s preliminary finding is that there is no case for using prescriptive criteria for selecting and reassessing default funds in modern awards. It also found that…
The Australian National Audit Office (ANAO) has released its Performance Audit Report No 47 2011-12 on the implementation and administration of the Small Business Superannuation Clearing House. Overall, the ANAO found the Clearing House was effectively implemented and well-administered by Medicare Australia. However, the report stated that Treasury did not prepare formal assessments of the…
The Minister also announced further details of SMSF auditor registration. Auditors will be able to apply for registration from 31 January 2013. All auditors must be registered with ASIC by 1 July 2013 to conduct SMSF audits after this time. Auditors required to sit the competency exam will be able to do so from 1…
The Government is calling for nominations from individuals interested in being appointed to the SuperStream Advisory Council. SuperStream is a package of reforms designed to improve the operation of the superannuation system, making it easier for members to keep track of and consolidate their superannuation accounts and making the system more efficient by streamlining the…
The ATO on Wed 13.6.2012, issued an Addendum to Self Managed Superannuation Fund Ruling SMSFR 2009/4 (The meaning of “asset”, “loan”, “investment in”, “lease” and “lease arrangement” in the definition of an “in-house asset” in the SIS Act) to, among other things, take into consideration the repeal of s 67(4A) of the SIS Act. [LTN…
The Australian National Audit Office (ANAO) has released its Performance Audit Report No 40 2011-12 on ATO interpretative assistance for SMSFs. This assistance includes things such as SMSF public rulings, specific advice and written guidance, and SMSF publications. The ANAO made 2 recommendations concerning the ATO assessing the extent to which interpretative assistance products meet…
The AAT has set aside a non-compliance notice issued to a self-managed superannuation fund (SMSF) for regulatory breaches involving loans to a related company. The applicants were the husband and wife trustees of an SMSF and between 2004 and 2007, the SMSF loaned $307,000 to a property development company of which the trustees were directors.…
The AAT has denied a taxpayer’s request that the Commissioner reallocate concessional contributions received by his superannuation fund in July 2009 to the 2008-09 financial year as it found no “special circumstances” existed to warrant the Commissioner’s discretion under s 292-465 of the ITAA 1997. The Tribunal heard the taxpayer had arranged with his employer…
The AAT has upheld an excess contributions tax assessment after ruling there were no “special circumstances” under s 292-465 of the ITAA 1997 to reallocate an excess contribution made via an electronic funds transfer (EFT). In late June 2009, the taxpayer requested his employer to bring forward a superannuation contribution that would ordinarily be paid…